The Beirut Stock Exchange bounced back this week, however on a thin volume. The BLOM Stock Index (BSI) recorded a 0.09% uptick to close at 1,172.13 points.
The average traded volume went down from 133,767 shares worth $1.17M to 67,761 shares worth $623,759. As for the market capitalization, it widened by 9.07M since last week to $9.79B.
The BSI was outperformed by its regional peers, the S&P AFE40 Index, the S&P Pan Arab Composite Large Midcap Index, and the Morgan Stanley Emerging Index (MSCI) which increased by 1.15%, 0.65% and 0.14% to 69.44 points, 149.67 points and 992.72 points, respectively.
Among the Arab world, Dubai’s stock exchange was in the lead surging by 5.70% since last week due to positive sentiment boosting real estate and transport stocks, followed by Abu Dhabi’s bourse that added 3.40%, and Muscat’s financial market that inched up by 1.33%.
On the other hand, Tunisia’s stock exchange was the worst performer, dropping 2.19%, Egypt’s financial market and Bahrain’s bourse followed declining by 1.70% and 0.74%, respectively.
Back to the BSE, the banking sector contributed for around 62.28% of total traded value and was followed by the real estate sector with a share of 37.72%.
In the banking sector, 4 traded shares saw a weekly rise in price as opposed to only 1 stock dropping in price. BLOM listed and GDR shares increased by 0.57% and 1.60% to $8.80 and $9.50, respectively. Likewise, Byblos listed shares and Audi GDR shares improved by 0.62% and 1.56% to $1.62 and $6.50, respectively. Meanwhile, Audi listed shares went down by 1.59% to $6.20.
The BLOM Preferred Stock Index (BPSI) strengthened as well, posting a 0.12% uptick to 105.19 points, as all traded preferred shares increased in price. Byblos preferred 2008 and 2009 shares gained 0.10% and 0.50% to $100.90 and $101.50, respectively. Similarly, Bank of Beirut preferred shares classes “E” and “H” edged up by 0.78% and 0.19% to $26 and $25.90, respectively.
In the real estate sector, Solidere shares class “A” remained on their downtrend for the sixth week in a row, declining 0.44%, to close the week at $11.33. In contrast, Solidere “B” shares recovered 1.07%to $11.35.
The BSE might remain on its sideway trend, influenced by political and security situations.